Zephyr Minerals Ltd. · TSXV:ZFR
Zephyr Minerals — Investor Presentation (October 2026)
23 slides from Zephyr Minerals's investor presentation, October 2026
Slide 1: High-Grade Gold in Colorado
D AW S O N G O L D P R O J E C T · C O L O R A D O , U S A High-Grade Gold in Colorado TSXV: ZFR | OTC: ZPHYF Advancing a 100%-controlled underground gold project toward a mining permit application, targeted as early as January 2027 Investor Presentation | October 2026
Slide 2: Cautionary statements
D I S C L AI M E R Cautionary statements FORWARD-LOOKING INFORMATION TECHNICAL DISCLOSURE This presentation is for information purposes only and does not constitute an offer or solicitation The Dawson mineral resource estimate has an effective date of July 19, 2013 and is described in to buy or sell
Slide 3: Why Dawson deserves a closer look
INVESTMENT HIGHLIGHTS Why Dawson deserves a closer look 10.55 g/t Compact US$4,200 Jan 2027 Au, Dawson inferred resource Underground mine concept Gold price per oz, October Permit application target (capped) 2026 GOLD-PRICE HIGH-GRADE GOLD SMALL-MINE CONCEPT NEXT MILESTONE EXPOSURE 343,000 t contain
Slide 4: The 2017 PEA outlined a small, high-grade underground mine
2 0 1 7 P E A ( H I S TO RI C AL ) The 2017 PEA outlined a small, high-grade underground mine 409,000 tonnes 92% C AU TI O N AR Y S TATE M E N T mined and milled at a diluted head gold recovery from gravity and The PEA is preliminary in nature. It includes inferred mineral grade of 9.2 g/t Au flotat
Slide 5: In the 2017 PEA, gold price had the largest effect on value
2 0 1 7 P E A ( H I S TO RI C AL ) In the 2017 PEA, gold price had the largest effect on value What it shows 1 How the PEA's after-tax NPV (5% discount rate) changes when one input moves from 60% to 140% of its 2017 base case, with all other inputs held US$1,750/oz: approx. US$70M constant. Gold pri
Slide 6: A compact underground development concept
PROPOSED DEVELOPMENT A compact underground development concept Decline (ramp) access from a surface portal Underground sublevel longhole stoping Gravity and flotation processing; no cyanide Filtered (dry-stack) tailings Surface facilities on private land Zephyr owns or controls; no federal (BLM) lan
Slide 7: Two hours from Denver, close to infrastructure
D AW S O N G O L D P R O J E C T Two hours from Denver, close to infrastructure ~2-hour drive from Denver 9 km southwest of Cañon City, Fremont County Denver 5.8 km from power Colorado Springs Cripple Creek & Victor (SSR Mining) Cañon City Close to infrastructure and industrial support Pueblo Dawson
Slide 8: A 505-hectare land package, 100% controlled
D AW S O N G O L D P R O J E C T A 505-hectare land package, 100% controlled LEGEND Patented lode claims – 100% controlled* Fremont placer – 100% controlled* Judith placer – 100% owned Unpatented lode claims Owned by others Claims subject to royalty + Section corner * 50% owned and 50% held under le
Slide 9: High-grade inferred resource at the Dawson zone
M I N E R AL R E S O U R C E High-grade inferred resource at the Dawson zone Cut-off sensitivity, Dawson zone (inferred) 116,300 oz Au Cut-off (g/t Au) Tonnes Capped grade (g/t) Capped oz Uncapped grade (g/t) Uncapped oz 343,000 t at 10.55 g/t Au Capped at 40 g/t 4.00 371,000 10.09 120,400 11.53 137
Slide 10: Five gold-mineralized zones along a 3.8 km trend
E X P L O R ATI O N P O TE N TI AL Five gold-mineralized zones along a 3.8 km trend Cañon City 9 km → D AW S O N Z O N E 116,300 oz Au WINDY COPPER WINDY POINT DAWSON SENTINEL GULCH KING 343,000 t at 10.55 g/t, capped (inferred, 5 g/t cut-off) N DWP-9003 6.1 m @ 15.0 g/t DWP-9002 6.1 m @ 9.0 g/t DAW
Slide 11: Dawson: high-grade core, open at depth
D AW S O N Z O N E Dawson: high-grade core, open at depth GRADE (g/t) × THICKNESS (m) >150 Interpreted extension at depth (conceptual) 100–150 50–100 Drill hole with assays over 1 oz/ton gold 10–50 Drill hole pierce point 1–10; prospective area DDH Drill hole intercept (uncut grade, drilled 0 width)
Slide 12: A defined path to the next milestone
PERMITTING A defined path to the next milestone Dec 2025 – Sep 2026 2026 Dec 2026 Jan 2027 2027 onward Baseline monitoring, Supporting studies Final monitoring quarter New permit application DRMS review quarters 1–4 Complete. Groundwater and In progress. Environmental and Scheduled. Completes the fi
Slide 13: From permit application to resource development
P ATH TO D E V E L O P M E N T From permit application to resource development 1 2 3 4 5 6 Permit application Regulatory review Financing Decline construction Underground Development drilling decision New mining permit DRMS technical review, Funding for decline Ramp (decline) access to Infill drilli
Slide 14: Why Zephyr, why now
C O R P O R ATE Why Zephyr, why now M ARKET CAPITALIZATION OCTOBER 2026 FINANCING CLOSED USE OF PROCEEDS ~C$7.0M C$260,000 Permitting C$0.07 close on October 21, 2026; about 98.5 5,200,000 units at C$0.05, each with a warrant General working capital and advancing million shares outstanding at C$0.10
Slide 15: Board, management and technical advisor
C O R P O R ATE Board, management and technical advisor Loren Komperdo, G.W. (Will) LK DF David Felderhof WF BA Brian Arkell P.Geol. Felderhof President, CEO & Director CFO & Director Chair of the Board Director Calgary-based geologist; former Co-founder; led the Company's Over 40 years in internati
Slide 16: Zephyr Minerals Ltd.
CONTACT Zephyr Minerals Ltd. 653 – 1475 Lower Water Street Halifax, Nova Scotia B3J 3Z2 +1 902 706-0222 · info@zephyrminerals.com TSXV: ZFR | OTC: ZPHYF Loren Komperdo, P.Geol. President & CEO · loren@zephyrminerals.com zephyrminerals.com · Subscribe for news releases
Slide 17: Appendix
Z E P H Y R M I N E R AL S Appendix Dawson mineral resource estimate: notes 2017 PEA economic results (historical) Section 9100E drill results Windy Gulch and Windy Point drilling Drill hole GC-44 assay detail Zimbabwe EPO applications
Slide 18: Dawson mineral resource estimate: notes
AP P E N D I X Dawson mineral resource estimate: notes 1. The resource statement cut-off of 0.15 oz/ton (5.00 g/t) Au reflects 5. Rounding as required by NI 43-101 may result in apparent underground development potential based on a gold price of differences between tonnes, grade and contained ounces
Slide 19: 2017 PEA economic results (historical)
AP P E N D I X 2017 PEA economic results (historical) Not current. The PEA (effective March 21, 2017) has not been updated. Its gold price, exchange rate and cost assumptions reflect 2017 conditions; costs have risen since, and these results should not be relied on as current estimates. The PEA is p
Slide 20: Wide, high-grade intercepts on section 9100E
AP P E N D I X Wide, high-grade intercepts on section 9100E Hole From – to (m) Interval (m) Au uncut (g/t) Mineralized trend GC-12 130.2 – 144.0 13.8 5.5 including 136.4 – 144.0 7.6 8.2 including 139.4 – 144.0 4.6 10.0 GC-13 186.9 – 202.1 15.2 13.1 including 186.9 – 193.0 6.1 29.1 GC-12 · TD 189.2 m
Slide 21: Wide intercepts at Windy Gulch and Windy Point
AP P E N D I X Wide intercepts at Windy Gulch and Windy Point WINDY GULCH WINDY POINT SURFACE TRENCHING, WINDY GULCH (2017) Hole Interval (m) Au (g/t) Hole Interval (m) Au (g/t) GC-64 18.6 6.5 DWP-9002 6.1 9.0 including 2.7 36.5 including 1.5 34.8 5.8 g/t Au WG-13-17 4.7 20.4 DWP-9003 6.1 15.0 over
Slide 22: Drill hole GC-44 assay detail
AP P E N D I X Drill hole GC-44 assay detail From (m) To (m) Width (m) Au uncut (g/t) 238.90 239.82 0.92 13.0 31.0 g/t over 8.23 m 239.82 240.73 0.91 <1 Weighted average, uncut 240.73 241.65 0.92 4.2 241.65 242.56 0.91 4.5 242.56 243.47 0.91 6.2 243.47 244.39 0.92 <1 10.3 g/t over 8.23 m 244.39 245.
Slide 23: Zimbabwe: optional exploration upside, under appeal
AP P E N D I X Zimbabwe: optional exploration upside, under appeal S TATU S ~124,000 ha 2021 EPO applications submitted covered by two Exclusive Prospecting Order (EPO) applications filed in 2021 July 2026 Notice received that the applications were rejected July 2026 Formal appeal filed, seeking rec
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